LONDON, March 29, 2018 /PRNewswire/ -- Download the full report: https://www.reportbuyer.com/product/5360529
The global insulation market size is expected to be valued at USD 101.32 billion by 2025, according to a new report by Grand View Research, Inc., recording an 8.6% CAGR during the forecast period. Increasing energy costs have resulted in greater operational expenses across a majority of industries. As a result, companies worldwide are actively inclined toward employing acoustic and thermal insulation technologies to challenge rapidly increasing costs.
High rate of industrialization and rapid urbanization in emerging markets of China and India, along with Philippines, Malaysia, Thailand, and Indonesia, have driven the need for quality infrastructure. Increasing construction spending to improve residential, public, and industrial infrastructure in Asia Pacific, coupled with energy conservation initiatives, is expected to drive regional demand for insulation over the forecast period.
Rising demand for wall and blanket insulation in residential, commercial, and industrial buildings is also expected to boost market growth over the forecast period.Major companies are adopting insulation in order to reduce their operational costs by limiting energy utilization.
Increasing presence of manufacturing companies in various countries across the world, including China, India, Brazil, and Mexico, is expected to drive demand for insulation materials in industrial buildings.
Since 2010, China has witnessed the enforcement of various energy saving regulations, thus contributing to a significant rise in product demand.According to these regulations, it is imperative for all buildings constructed in the country to obtain a Building Energy Efficiency Certificate (BEEC).
In order to comply with prescribed energy saving guidelines, insulation materials are used in buildings as they result in energy savings. Such trends have benefitted the China market in the recent past and are likely to continue doing so over the forecast period.
Further key findings from the study suggest:
• The global insulation demand is expected to reach 76,759.5 kilotons by 2025, ascending at a CAGR of 8.2% from 2018 to 2025
• The North America market is expected to progress at a volume-based CAGR of 8.3% from 2018 to 2025. Growing auto industry in Mexico, coupled with recovering construction industry in U.S., is contributing to regional market growth
• The industrial, HVAC & OEM segment is likely to expand at a CAGR of 8.9% over the forecast period in terms of revenue
• Various government initiatives, such as Affordable Housing Institute (AHI) and Energy Performance of Buildings Directive (EPBD), are likely to support the residential insulation market over the forecast period.
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